Stearic Acid Market Size
|Market Volume (2023)||8.99 Million tons|
|Market Volume (2028)||11.67 Million tons|
|CAGR (2023 - 2028)||5.36 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Stearic Acid Market Analysis
The Global Stearic Acid Market size is expected to grow from 8.99 million tons in 2023 to 11.67 million tons by 2028, at a CAGR of 5.36% during the forecast period (2023-2028).
COVID-19 negatively impacted the market in 2020. However, the increasing consciousness regarding personal hygiene and clean surroundings stimulates the demand for stearic acid-based personal care and household cleaning products, thus enhancing the market demand for stearic acid.
- Major factors driving the market studied are the increasing need for personal care products and the rapid growth of the cleaners and detergents industry.
- On the flip side, fluctuating prices of raw materials and carcinogen effects in high concentrations hinder the growth of the market studied.
- Increasing applications for metal cleaning and candle manufacturing are likely to offer opportunities for the market to rise over the forecast period.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Stearic Acid Market Trends
This section covers the major market trends shaping the Stearic Acid Market according to our research experts:
Increasing Demand from the Personal Care Industry
- Stearic acid is used for the production of stearates, such as sodium stearate, magnesium stearate, or calcium stearate, a component of personal care products. It is used in more than 3,200 skincare and hair care products.
- Furthermore, the growing awareness of personal health and hygiene and increasing beauty consciousness are expected to drive the demand for stearic acid.
- In 2022, the value of the global beauty and personal care market amounted to over USD 534 billion. Moreover, the market is estimated to grow at a CAGR of around 5.86% during the forecast period, which will favor the market studied.
- According to Cosmetic Europe, the personal care association, Europe's 500 million consumers use cosmetic and personal care products every day to protect their health, enhance their well-being, and boost their self-esteem, ranging from antiperspirants, fragrances, make-up, and shampoos to soaps, sunscreens and toothpaste, and cosmetics.
- The UK natural beauty market is estimated to reach EUR 208.6 million (~ USD 214.14 million) in 2022. Natural cosmetics industry statistics show that the market is expected to keep growing at an annual rate of 7.51% between 2022 and 2026. These goods become more popular as consumers become more concerned about the environmental and health implications of these substances.
- Therefore, the increasing demand from the personal care industry is expected to impact the market in the coming years.
To understand key trends, Download Sample Report
Asia-Pacific Region to Dominate the Market
- Asia-Pacific was the leading consumer of cosmetics and personal care products due to growing urbanization and the increasing population of the younger generation in countries like China, India, Japan, and other developing nations.
- Stearic acid has a large number of applications in soaps and detergents. It primarily fulfills the role of a thickener and hardener, which helps soap bars retain their shape. Stearic acid helps soap particles attach to dirt particles, loosening them to be washed away with water.
- Leading global giants in the region, such as L'Oreal, Procter & Gamble, and Unilever, supports the Asia-Pacific market.
- With various research and developments, expansions, and investments in cosmetic products, the market for stearic acid is expected to grow significantly in the region during the forecast period.
- According to the International Trade Organization, China is the second-largest market for cosmetic and personal care. The retail sales value of cosmetics in China rose to USD 52.3 billion in 2020. Furthermore, overall cosmetics sales in 2022 is anticipated to surpass USD 70.1 billion and witness an annual growth rate of 9.6%.
- As per invest India, India's market for cosmetics and personal care products is currently worth USD 26.8 billion and is projected to increase to USD 37.2 billion by 2025.
- According to the Ministry of Economy, Trade, and Industry (METI), the size of Japan's cosmetics and personal care products market was over USD 35 billion in 2021, making it the world's third-largest after the United States and China. Japan is home to more than 3,000 beauty care companies, including global brands of Shiseido, Kao, Kosé, and Pola Orbis.
- The aforementioned factors are expected to significantly impact the market in the coming years.
To understand geography trends, Download Sample Report
Stearic Acid Industry Overview
The stearic acid market is partially fragmented in nature. Major companies in the market (in no particular order) include Wilmar International Ltd, Kuala Lumpur Kepong Berhad, Oleon, Pacific Oleochemicals Sdn Bhd, and Emery Oleochemicals, among others.
Stearic Acid Market Leaders
Wilmar International Ltd
Kuala Lumpur Kepong Berhad
Pacific Oleochemicals Sdn Bhd
*Disclaimer: Major Players sorted in no particular order
Stearic Acid Market News
- Recent developments pertaining to the market studied will be covered in the final report.
Stearic Acid Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Need for Personal Care Products
4.1.2 Rapid Growth of the Cleaners and Detergents Industry
4.2.1 Fluctuating Prices of Raw Materials
4.2.2 Carcinogen Effect in High Concentrations
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1.1 Animal-based Raw Materials
5.1.2 Vegetable-based Raw Materials
5.2.1 Soaps and Detergents
5.2.2 Personal Care
5.2.5 Rubber Processing
5.2.6 Other Applications
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3F Industries Ltd
6.4.2 BASF SE
6.4.3 Croda International
6.4.4 Deeno Group
6.4.5 Emery Oleochemicals
6.4.6 Godrej Industries Limited
6.4.7 Kao Corporation
6.4.8 Kuala Lumpur Kepong Berhad
6.4.9 New Japan Chemical Co. Ltd
6.4.11 Pacific Oleochemicals Sdn Bhd
6.4.12 Procter & Gamble
6.4.13 RUGAO Shuangma Chemical Co. Ltd
6.4.14 Twin River Technologies
6.4.15 VVF (Global) Limited
6.4.16 Wilmar International
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Application for the Metal Cleaning and Candles Manufacturing
Stearic Acid Market Research FAQs
How big is the Stearic Acid Market?
The Stearic Acid Market size is expected to reach 8.99 million tons in 2023 and grow at a CAGR of 5.36% to reach 11.67 million tons by 2028.
What is the current Stearic Acid Market size?
In 2023, the Stearic Acid Market size is expected to reach 8.99 million tons.
Who are the key players in Stearic Acid Market?
Wilmar International Ltd, Kuala Lumpur Kepong Berhad, Oleon, Pacific Oleochemicals Sdn Bhd and Emery Oleochemicals are the major companies operating in the Stearic Acid Market.
Which is the fastest growing region in Stearic Acid Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Stearic Acid Market?
In 2023, the Asia Pacific accounts for the largest market share in the Stearic Acid Market.
Stearic Acid Industry Report
Statistics for the 2023 Stearic Acid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Stearic Acid analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.